Santander UK Says 30% Of Visiting Customers Pulled Their Deposits Today.

The UK just had a mini bank run after Santander got downgraded with 15 other spanish banks.

Banco Santander SA's SAN.MC +2.97% U.K. unit lost about £200 million of deposits on Friday as jittery customers worried about the lender's financial health, according to a senior executive. The deposit outflows on Friday, amounting to about $316 million, represented roughly 0.2% of Santander UK PLC's total customer deposits, said Steve Pateman, Santander's head of U.K. banking. Those deposits stood at £120.1 billion at the end of last year. "We had a modestly negative day," Mr. Pateman said. Santander UK has spent the day scrambling to soothe anxious depositors. Customers apparently are nervous about the British bank's vulnerability to Spain and its fragile banking system, and were further rattled by news coverage of a downgrade of the bank's credit rating late Thursday by Moody's Investors Service.

Now before you all start with the doom the headline is 30% Of Visiting Customers
the other 70% was talked out of it.But still that £200 million in one day.

ZEROHEDGE

At the moment i dont think this is going to start a big run on the banks but if the public start
to panic that they saving might vanish it could start one which is probably why you not going
to see this reported on the MSM anytime soon.

0.2%, alot of money by public standards, but for a bank, it's a bad day but nothing more.

Being a Britian myself, i haven't heard much on the news or general people about this bank, personaly i don't believe that we will have a bank run on our hands.

Interesting none the less, and deffinatly worth following up on how the bank does in the next few months, but personaly i don't recon much will be happening in the next few weeks. IMO the SWHTF (so to speak) in the begining of september, nothing much but a hunch, this summer i recon will be very active i believe, with European banks falling left right and centre, the UK will be hardest hit around christmas.

Originally posted by skuly
Now before you all start with the doom the headline is 30% Of Visiting Customers
the other 70% was talked out of it.But still that £200 million in one day.

Misleading headline.

The article is very badly worded, but the percentages only refer specifically to the "customers who visited Santander UK branches on Friday to discuss their concerns".
The article doesnt say how many that was... it might have only been a small proportion of the total customers on that day.

But either way, its still not good.

reply to post by skuly


Everyone should pull out all their money. Let's get this over with, it's getting ridiculous now. The sooner we collapse the banks, the sooner we can build a new world that runs on government controlled currency and a social credit system, sans international banksters and lobbyists.

Cheers - Dave

reply to post by skuly


The customers who chose to withdraw only did so because of the downgrading of Santander. Presumably, the vast majority merely deposited their former Santander funds into other financial institutions with better credit ratings.

It might be a small blow for Santander, but I doubt that most of their ex-savers furiously shoved a combined total of £200m under their mattresses.